NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 44. FINANCIAL INSTRUMENTS (CONT’D) 44.1 FINANCIAL RISK MANAGEMENT POLICIES (CONT’D) (b) Credit Risk (Cont’d) (iii) Assessment of Impairment Losses (Cont’d) Other Receivables (Cont’d) Allowance for Impairment Losses The Group Gross Amount RM’000 Lifetime Loss Allowance RM’000 Carrying Amount RM’000 2023 Low credit risk 33,700 - 33,700 Credit impaired 3,042 (3,042) - 36,742 (3,042) 33,700 2022 Low credit risk 20,974 - 20,974 The movements in the loss allowances are disclosed in Note 12 to the financial statements. Fixed Deposits with Licensed Banks, Cash and Bank Balances The Group considers the license banks have low credit risks. In addition, some of the bank balances are insured by Government agencies. Therefore, the Group is of the view that the loss allowance is immaterial and hence, it is not provided for. Financial Guarantee Contracts All of the financial guarantee contracts are considered to be performing, have low risks of default and historically there were no instances where these financial guarantee contracts were called upon by the parties of which the financial guarantee contracts were issued to. Accordingly, no loss allowances were identified based on 12-month expected credit losses. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 230 FINANCIAL STATEMENTS
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